no it isnt. "visibility" is merely the spectrum that can be detected by something(usually living). We are blind to that %age because we dont have the quadripartite set of cones (there is a hexapartite too but that i only held by a few deep sea fishes).
Lets assume that your definition is correct... I still think the 1% figure is bullshit.
Human vision extends (in general) from 740 to 380 nm on the electromagnetic spectrum (I am using wavelengths, a shorter wavelength corresponds to a higher frequency). I just looked up bee vision (because I remember hearing that bees see ultraviolet). It seems they can see down to 300nm (but they can't see the higher wavelengths that humans can see).
Our atmosphere filters out the shorter wavelengths. There is no reason that any animal would evolve to see light that doesn't exist in their environment. And below "visible" light are radio waves.
I don't see how this 1% figure makes any sense... what are the other 99%.
I am pretty sure this is pure bullshit. It is another version of the myth that we only use 1% of our brains.